22 U.S.C. § 262p–12a — Ukraine debt payment relief

submitted 4 years ago by Pub. L. 117-263 to r/title-22-FOREIGN-RELATIONS-AND-INTERCOURSE · 431 words · no verdicts yet

in plain englishAI-generated · not legal advice

This law directs Treasury to push international lenders and other governments for debt relief and financial support for Ukraine and refugees. The President must report to Congress yearly on these efforts. The section can be waived and expires after 7 years or when Russia stops destabilizing Ukraine.

(a) Suspension of multilateral debt payments of Ukraine (1) United States position in the international financial institutions — The Treasury Secretary must direct the U.S. representative at each international financial institution to use America's voice, vote, and influence to push that institution to immediately give Ukraine appropriate relief on its debt payments. (2) Official bilateral and commercial debt service payment relief — Treasury, working with the State Department, must immediately start working with other governments and commercial lender groups, through the Paris Club and other formal and informal channels, to pursue full debt payment relief for Ukraine. (3) Multilateral financial support for Ukraine — Treasury must direct the U.S. representative at each institution to use America's voice and vote to support giving Ukraine low-cost ("concessional") financial help, as much as practical. (4) Multilateral financial support for refugees — Treasury must direct the U.S. representative at each institution to use America's voice and vote to seek economic support for refugees fleeing Ukraine — including African and Asian refugees — and for countries that take in these refugees and qualify for development bank help. (b) Report to Congress Every year, by December 31, the President must send a report on these activities to the House Financial Services, Appropriations, and Foreign Affairs Committees and to the Senate Foreign Relations and Appropriations Committees, and must also make the report public. (c) Waiver and termination (1) Waiver — The President can waive this section if he decides doing so serves the national interest, but he must explain why to Congress. (2) Termination — This section stops applying on whichever comes first: 7 years after December 23, 2022, or 30 days after the President tells Congress that Russia has stopped destabilizing Ukraine's sovereignty and territory.

the actual law source: uscode.house.gov ↗public domain

(a) Suspension of multilateral debt payments of Ukraine

(1) United States position in the international financial institutions

The Secretary of the Treasury shall instruct the United States Executive Director at each international financial institution (as defined in section 262r(c)(2) of this title) to use the voice, vote, and influence of the United States to advocate that the respective institution immediately provide appropriate debt service relief to Ukraine.

(2) Official bilateral and commercial debt service payment relief

The Secretary of the Treasury, working in coordination with the Secretary of State, shall commence immediate efforts with other governments and commercial creditor groups, through the Paris Club of Official Creditors and other bilateral and multilateral frameworks, both formal and informal, to pursue comprehensive debt payment relief for Ukraine.

(3) Multilateral financial support for Ukraine

The Secretary of the Treasury shall direct the United States Executive Director at each international financial institution (as defined in section 262r(c)(2) of this title) to use the voice and vote of the United States to support, to the extent practicable, the provision of concessional financial assistance for Ukraine.

(4) Multilateral financial support for refugees

The Secretary of the Treasury shall direct the United States Executive Director at each international financial institution (as defined in section 262r(c)(2) of this title) to use the voice and vote of the United States to seek to provide economic support for refugees from Ukraine, including refugees of African and Asian descent, and for countries receiving refugees from Ukraine that are eligible for assistance from the multilateral development banks.

(b) Report to the Congress

Not later than December 31 of each year, the President shall—

(1)

submit to the Committees on Financial Services, on Appropriations, and on Foreign Affairs of the House of Representatives and the Committees on Foreign Relations and on Appropriations of the Senate, a report on the activities undertaken under this section; and

(2)

make public a copy of the report.

(1) Waiver

The President may waive the application of this section if the President determines that a waiver is in the national interest of the United States and reports to the Congress an explanation of the reasons therefor.

(2) Termination

This section shall have no force or effect on the earlier of—

(A)

the date that is 7 years after December 23, 2022; or

(B)

the date that is 30 days after the date on which the President reports to Congress that the Government of the Russian Federation has ceased its destabilizing activities with respect to the sovereignty and territorial integrity of Ukraine.

Source credit: (Pub. L. 117–263, div. E, title LVII, § 5703, Dec. 23, 2022, 136 Stat. 3410.)

history & why it existsrecord from the source credit

2022Enacted · Pub. L. 117-263 · 136 Stat. 3410

A history note hasn’t been published yet. The record shows enactment by Pub. L. 117-263 on 2022-12-23.

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